Support multi-currency on PayPal interface
The PayPal interface should support multi-currency, so each currency balance and set of transactions in PayPal can be matched to a separate bank account in Quickbooks
I have just starteded using QUickbooks Online as it said it supported multi-currency, but when I download my Paypal account, I find it is converting everything to GBP. I am an online retailer selling worldwide and I am paid in GBP, Euros and USD. Does anyone know how I can get around this, or do I have to convert all the currencies into GBP before I can import the data? This is ridiculous as I purchase goods using Euros and USD and don't want to have to convert these currencies into GBP to then have to pay another conversion fee back to USD to buy items! Any help much appreciated!
Still not working
John Marr commented
In February of this year I received a request from the developers to outline exactly how I would like to see multi-currency PayPal work. I provided feedback and don't believe I heard anything more. I had found a way to link two QBO accounts (one USD the other CAD) to the same PayPal account. That allowed me to exclude transactions in each account so I had a cobbled together multi currency solution. The QBO people told me that wasn't possible. It was, but yesterday my US PayPal bank account disappeared from QBO and all transactions are in the CAD account. Not a happy camper right now!
Alois Bělaška commented
Please, fix this. It's embarrassing.
I cannot believe it's 2017 and QBO does not natively support multiple currencies in PayPal. ARE YOU KIDDING ME? I have used all the other SAAS accounting software, none of them have any problem with this. I stupidly thought the biggest accounting player would of course handle the biggest bank. Are you serious? I cannot believe this. What the hell is going on that this hasn't been solved by now?
Agreed! We pay a lot of our suppliers using PayPal and they invoice in both USD and CDN. It is impossible to MATCH your expenses/bills with the transaction if it doesn't convert to the correct currency.
I have Massive issues Muticurrency Paypal, Please add workability to a PayPal Link
My client works in the UK and most sales he makes are in the US, Paypal shows the majority of transactions for sales as $ and Purchases as £ (though not always the case!!!)
I have been told the only work around is:
1. Link a bank account in one currency (this will only update the items for this currency)
2. Download a CSV file for ALL transactions.
3. Then remove all entries from the CSV for the currency that will link.
4. In the CSV file do the calculation of Income, Minus fees from Paypal etc. for the currency that will not link
5. Put those figures into one column as it needs to be purely in one income expenditure column.
5. Remove all excessive columns other than the three main ones as Quickbooks won't accept them. (even though on an upload it asks what columns you wish to use)
6. The columns should only be .....Date, Description, Value.
7. Manually upload that to the alternative currency Bank account.
8. Then start the accounting work you should have started hours ago before having to Faff with all this!!!
Help Quickbooks! it needs a solution if you are a truly international multi-currency company!!!
This is still not solved! WHEN ARE YOU FIXING IT! 2 years, and it is still a problem to integrate other currencies. I am having the exact same problem!
Paul Vlasveld commented
I am still having many issues trying to classify hundreds of Paypal transactions to the correct income or expense accounts. Now I cannot even properly reconcile the account. Quickbooks is assigning generic account to all of the transactions.
Ther must be a way to link the Paypal item title to a Quickbooks income/expense account. This is extremely frustrating. I think I will have to take the following actions:
1. turn off the Paypal link
2. delete all of the transactions that have been imported to date.
3. Go back to just recording summary transactions based upon the monthly Paypal reports.
[Deleted User] commented
Multi-currency reporting in Paypal.
Your current "*****************)" bank import is essentially useless to anyone that receives or makes payments in more than one currency.
As an ********** company with a global market, I receive payments in USD. When those payments are transferred out of Paypal to my bank account, it's done in AUD.
However, when I import my paypal feed through Transactions->Banking->Add Bank->*****************), it defaults to the currency of whatever account I'm importing the data to.
So if my account is in AUD, it imports the $300 AUD payment I sent from Paypal to my bank account as $300 AUD, but it imports the $214 USD payment I received from a customer as $214 AUD.
The import also ignores the ~$8 USD fee that Paypal takes from that $214, which affects the account balance.
My idea: Fix these things so I can run my business like it's 2016.
Paypal multi currency - Can handle multiple currencies in one account to allow PayPal payments
When importing my bank statment and paypal, paypal made a currency conversion to $50usd, this means quickbooks is showing £50GBP I cannot straight swap this, i have to manually edit the ledger to account for this, can you enable some kind of currency button possibly in the "transfer" screen?
1. Multi-currency clients are not capable to enter intuitive information for sub clients - check the Bill Parent and have Parent invoice data populated
2. PayPal multi-currency - not working in automatic way like banks. QBO cannot pick up the currency from PayPal account so clients are forced to set up additional PayPal accounts for individual currencies. This leads to new email addresses and exposure to incorrect transfers from clients of various currencies.
3. PayPal as a whole: Not able to pick up the transaction fees. These must be entered manually. This creates another additional manual process that leads to potential human errors and a cumbersome workflow. Instead of being able to simply match transactions in connected accounts such as banks, the functionality is virtually void in terms of time savings resulting in fact in more data entry and additional transactions – Download transaction – deposit in “undeposited funds” – split transaction – manually enter transaction fee as a negative amount- deposit into the PayPal account set in QBO.
4. Incapable to collect time sheets – error received : The following errors have occurred:
The currency of the transaction is invalid for customer/supplier/account.”
The currency is in fact valid. The client is set-up in USD. The vendor is also USD. The company HQ is in Canada.
Need to implement a way to tell USD and CND apart when importing transaction from PayPal. I can't believe this is not done correctly at the moment. It's extremely common for business to take both CND and USD in Paypal account.
PayPal transactions in foreign currencies are being imported with the wrong amount. e.g. A transaction for $199 USD is being imported as $199 AUD. Same applies to GBP.
When Paypal account is automatically pulled to QBO currency is the same either for GBP or USD payment. If I understood well is something that you are working out to find a solution but if modification was allowed to the transaction amount pulled from Paypal could manually do the adjustment for local currency.
When downloading paypal transactions it pulls through transactions in the wrong currency, where paypal has multiple lines for 1 transaction it would be nice to pull through the value in home currency instead. For example i made a payment of $12 and only that transaction is showing in the online bank but in GBP